Chapter 66: Hoarding for Profit

Last night the price was still five taels and three mace, but as soon as business opened this morning, it had dropped to four taels flat.

No one had expected it to fall by over a tael overnight.

Autumn Abundance ran to the side gate to look and saw the sundry goods shop packed to the brim, all with people carrying bundles to sell pepper.

The line stretched far into the distance, twice as long as when everyone had rushed to buy it earlier.

Worst of all, a water sign hung at the entrance of the sundry goods shop, and the price for buying pepper changed constantly.

Each person could only sell ten catties at a time; any more required getting back in line.

At the back gate of Ningguo Mansion, many people also stood around, pointing and gossiping.

Those who had sold early all breathed sighs of relief, while those still hoarding naturally wore worried expressions.

Those with little stock could only accept their bad luck, but those with large hoards were too devastated even to cry.

Inside Phoenix Ripple Courtyard, Xiafu, Xiang Hui, and Granny Fan had hoarded the most, each buying over ten catties.

The other maids and rough-working women had bought at most one or two catties, or pooled together to buy a single catty.

Regardless of how much they had hoarded, it was all hard-earned silver thrown away—even if it didn’t hurt their hearts, it pained their livers.

In the outer room of the Small Tea Room, people hid there crying from morning till night.

By the afternoon, the crying had grown tiresome, so Pear Moon followed Autumn Abundance out to watch the commotion.

The crowd at the entrance of the sundry goods shop stretched endlessly, and Granny Fan was squeezed among them.

The shopkeeper wiped the water sign with a cloth, changing the price for buying pepper from four taels per catty to three taels and five mace.

With clasped hands and repeated apologies, he counted out fifty people and told the rest not to bother lining up.

A wave of chaos swept through the crowd, with many cursing loudly.

The shopkeeper looked utterly helpless, explaining that the shop’s cash reserves were limited and they couldn’t exchange more silver even if they wanted to.

With no other choice, the crowd dispersed, grumbling and cursing.

Granny Fan, squeezed at the very front, at least managed to sell hers for some money.

Xiafu and Xiang Hui couldn’t make the cut and ran back crying.

After much struggle, Granny Fan finally managed to sell her ten catties of pepper.

Calculating it, she still got three taels and five mace per catty—neither losing nor gaining—but she was fuming with rage.

“What was the point of all this? I risked dozens of taels of capital and earned nothing but a stinking sweat! My heart was in my throat every day—was I just bored with a full stomach?”

After cursing at the entrance for a while, she tucked the silver away and headed back, drawing mocking laughter from the idlers.

Not losing money was considered fortunate; those who lost more were too pitiful for anyone to laugh at.

Pear Moon stood by, watching with her hands tucked in her sleeves, and spotted a familiar face at the street corner.

It was Chang Xi, who had sold pepper earlier, now sitting on the ground wailing like a slaughtered pig.

He happened to be the fifty-first in line and couldn’t sell anything today.

“Heaven’s curse! Why did others make a profit when they bought, but I lose when I buy? If I can’t sell today, won’t my master beat me to death?”

Two sacks lay beside him, holding at least over a hundred catties. He wailed and sobbed, nearly fainting from despair.

Idlers at the street corner murmured among themselves.

“This lad is unlucky. He bought fifty catties at four taels and five mace, then another fifty at six taels and two mace. Now he can’t sell it—no wonder he’s crying! His master is Censor Tang from the Censorate.”

“Censor Tang from the Censorate—a poor capital official from a humble office. Losing this much silver might ruin his family! No wonder he takes it out on his servant—the boy’s face is all swollen!”

Pear Moon looked from afar and saw that not only was Chang Xi’s face swollen, but he was also limping, clearly beaten badly.

A kind-hearted person advised him to go to Fortune Peace Teahouse to find a broker to sell it, as the price might be better there.

Chang Xi, still sobbing uncontrollably, pushed his wheelbarrow away.

Pear Moon watched his retreating figure, a flicker of pity in her eyes.

Going to Fortune and Prosperity Teahouse was useless; with no major buyers now, the brokers wouldn’t accept any either.

Not long after he left, the price changed again.

By the time the grocery store closed, the price of pepper had dropped to two taels and five mace.

The next day, the grocery store didn’t open. No matter how much people pounded on the door and shouted curses, it remained eerily quiet.

At Fortune and Prosperity Teahouse, the price of pepper plummeted directly to one tael and two mace.

Three days later, according to the buyers, the price of pepper in the market had fallen to just two mace of silver per catty.

Pear Moon recalled the whole affair as if it were a dream.

The wild fluctuations in pepper prices had stirred up such a commotion in the capital that it finally shook the court.

Censor Tang of the Censorate was the first to submit a memorial, urging the court to strictly investigate the masterminds behind hoarding and profiteering, who were sowing chaos and unsettling the people.

Grand Secretary Shen, the Chief Grand Secretary of the Grand Secretariat, was furious and ordered the Court of Judicial Review to collaborate with Censor Tang in a rigorous investigation of the matter.

Upon hearing this news, Granny Fan was the first to clap her hands in approval, lavishing praise on Censor Tang.

“Censor Tang is an honest official. He passed the imperial examination as a second-class jinshi ten years ago and is a disciple of Master Shen. In the Censorate, they call him the ‘White-Faced Judge Bao’—he never accepts invitations or gifts. His wife even spins thread at home herself.”

That he was an honest and poor official, Pear Moon could believe.

But praising him as Judge Bao? Pear Moon felt compelled to stand up for Lord Bao.

As a censor who investigates based on hearsay, one must at least have a clear mind.

This Censor Tang lost so much money and only now thinks to launch a strict investigation.

Isn’t he just a muddle-headed fool?

If he spent less time scolding his wife and beating his servants, and more time thinking things through, he wouldn’t have lost hundreds of taels of silver.

Pear Moon couldn’t help but curl her lip in disdain.

When Miss Tan came to the mansion as a guest, Pear Moon heard her mention it.

Seeing the price of pepper rising in the capital, Uncle Tan had long sent his clerks to Zhejiang to purchase it.

Although he spent a considerable amount on canal shipping fees, it was still cheaper than in the capital.

He had returned to Beiguan four days ago, when pepper was still six taels of silver per catty.

The frenzied rise and fall of pepper prices made it clear to anyone with eyes that someone was manipulating things behind the scenes.

Someone was hoarding large quantities of pepper, using the rumors of official and merchant purchases to spread false information and drive up prices.

Pear Moon estimated that the big seller had cashed out when the price was between five taels five mace and six taels.

At that time, the price of pepper had dipped slightly by two mace before rising again—that was when the seller was offloading their stock.

They made their fortune and fled, while Censor Tang and others like him were caught in the net.

Pear Moon also hoped he could uncover exactly who was muddying the waters to make a profit.

In the blink of an eye, it was already mid-May, the perfect time for flower viewing.

This year, Ningguo Mansion was filled with joyous occasions, and the flower-viewing banquet was held in splendid style.

In the outer garden, tea was served, boats were rowed, and lotus flowers were admired, while in the inner garden, wine was set out, operas were performed, and peonies were appreciated.

In addition to the operas and wine, there were also arrangements for tea competitions, pitch-pot, and backgammon, along with many other amusements.

In the afternoon, at the polo field, Miss Ning invited young ladies from various mansions to play polo.

Nearly all the noblewomen of the capital had come, and the carriages and sedan chairs of the guests clogged half the street.

Due to the rumors that Ning Yuanjun was taking a concubine, Shen Shi dared not be negligent this time. She dressed in her finest attire early on and accompanied Madam Ning to greet guests at the second gate, determined to save face and prevent her husband from turning to another.

This time, Madam Shen did not bring her own second and third daughters but only brought the fourth miss, born of a concubine!

As soon as the mother and daughter stepped out of the carriage, Shen Shi was stunned.

Fourth Miss Shen was the same age as Third Miss Shen—both fifteen, in the prime of youth—and she had not yet been betrothed.

Among all the girls in the Shen family, Fourth Miss Shen’s appearance was the most outstanding.

Her figure was graceful, her features delicate and refined, and she had a head of thick, jet-black hair.

Though dressed simply and plainly, she was exceptionally charming and captivating.

Madam Shen, beaming with joy, exchanged greetings with Madam Ning and then had the concubine-born daughter behind her step forward to kowtow.

The illegitimate daughter of the Shen family had never been allowed to see outsiders since childhood, so this was Shen Si’s first time stepping out.

She timidly performed four bows, her voice as faint as a mosquito’s, and still dared not rise.

Kneeling on the ground, she lowered her head and twisted her handkerchief, appearing timid and pitiful.

Madam Ning wore a faint smile, looking her up and down.

Only then did a maidservant step forward, taking her hand to help her up, even squeezing her palm and tugging at the hem of her skirt.

“Fourth Miss, please rise quickly, there’s no need for such formal bows!”

“Miss, be careful not to step on the muddy flowers and soil your embroidered shoes.”

Shen Si only kept her head lowered, blushing and silent.

In contrast, Shen Shi’s face turned deathly pale. She turned to stare at Mother, nearly losing her footing.